Speculation of further financial pressures continues to mount at Bon-Ton.The Bon-Ton Stores Inc. began a marketing promotion Wednesday in an e-mail that said it has started its After Christmas Sale. According to the e-mail, there are more than 200 doorbusters and shoppers can save up to 70 percent storewide. There’s also a $10 off coupon, as well as a promotional code for up to 25 percent off on sale price merchandise.Further, the company on Tuesday gave away $1 million in gift cards, beginning at 7 a.m. Bon-Ton operates stores under the name plate Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers.To be sure, touting extra special promotions are what all retailers are doing this week as they hit the homestretch leading up to Dec. 25. Typically post-holiday sales begin the day after Dec. 25, or sometimes the evening of, and in Bon-Ton’s case, there was also a notation that the after-Christmas doorbusters end Dec. 28.While both marketing programs are in line with what the company did last year for the holiday promotional season, that hasn’t stopped speculation this year about Bon-Ton’s future. That’s even though a year ago when the after Christmas doorbusters’ deadline ended, all that happened was that the retailer marched on with another new limited time sales promotion.The fact that Bon-Ton is feeling financial pressure is not a surprise given that it has been on the watch list of credit ratings agencies all year. And the company hasn’t helped its case when on Monday it filed a notice with the Securities and Exchange Commission that it elected to exercise a 30-day grace period under the terms of an agreement for 8 percent Second Lien Senior Secured Notes due 2021. The grace period allows Bon-Ton to delay a $14 million interest payment that was due Monday by 30 days.A spokeswoman for Bon-Ton said, "As we have communicated recently, we are taking steps to drive improved performance and strengthen our financial position. We believe it is in the best interests of Bon-Ton and our stakeholders to take advantage of the grace period under the terms of our credit agreement to continue engaging with our lenders to establish a sustainable capital structure and position Bon-Ton for long-term success."She added that the company has "sufficient cash to fund normal operations and meet our financial commitments and obligations to vendors, and the exercise of the grace period has no impact on our ability to continue to borrow under our current credit facility."Financial sources having been saying for weeks that the situation wasn't great, and this week, several individuals said there’s talk that the company is a candidate for a pre-package bankruptcy filing. Executives at the retailer could not be reached for comment. One individual, a financial source, said a big contributor to Bon-Ton’s financial problems is that its “stores are in B and C malls,” where foot traffic has been on the decline. Others are saying vendors are beginning to think twice about whether or not to ship as they ponder Bon-Ton’s future.Last month, shares of Bon-Ton began trading on the OTCQX Best Market, after having traded on the Nasdaq Global Select market.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)